Three-month LME aluminium rallied 1.87% on Tuesday; SHFE rose to its highest since February at RMB13,840/t

The US dollar eased off four-month highs against a basket of its rivals on Tuesday. LME base metals closed higher across the board overnight. LME aluminium jumped 1.9% and SHFE aluminium advanced about 0.7%.

Three-month LME aluminium rallied 1.87% on Tuesday to end at US$1,739 per tonne. The contract is likely to move at US$1, 700-1,760 per tonne today.

As on Tuesday February 11, LME aluminium cash (bid) price stands at US$ 1689 per tonne, LME official settlement price stands at US$ 1689.5 per tonne; 3-months bid price stands at US$ 1716.5 per tonne, 3-months offer price is US$ 1717 per tonne; Dec 21 bid price stands at US$ 1848 per tonne, and Dec 21 offer price stands at US$ 1853 per tonne.

The LME aluminium opening stock increased to 1239800 tonnes. Live Warrants totalled 844400 tonnes, and Cancelled Warrants were 395400 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1717.47 tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE increased to US$1973 per tonne on Wednesday, 12 February 2020.

The most-active SHFE 2003 contract rose to its highest since February at RMB13,840 per tonne in morning trade, before it erased some gains to close the day 0.66% higher at RMB13,780 per tonne, according to an SMM. SHFE aluminium is likely to trade at RMB13,600-14,000 per tonne today.